In Texas, Approximately 1 in 35 Homeowners will Likely Experience Foreclosure in the Next 2 Years

In Houston, Nearly 6,000 of the High-Cost Loans Made in 2006 are Likely to go into Foreclosure

Who: Congressman Al Green (TX-09)
Chairman Barney Frank, House Financial Services Committee

What: Press Conference Addressing Subprime and Housing Issues

When: TUESDAY, APRIL 22, 2008
9:00 a.m. CT

Where: JW Marriot Hotel Houston
5150 Westheimer Road
Houston, Texas 77056

*Press Conference will take place in Ballroom B on the Second Floor of the Hotel

Houston, TX – Congressman Al Green will be joined tomorrow by House Financial Services Committee Chairman Barney Frank at a press conference to discuss housing issues and legislation pending in the House Financial Services Committee to address the ongoing subprime mortgage crisis. The FHA Housing Stabilization and Homeownership Retention Act (H.R. 5830), introduced by Chairman Frank, would provide up to $300 billion in new guarantees to help refinance at-risk home borrowers into viable mortgages. This proposed program could help hundreds of thousands and possibly over a million homeowners. The Neighborhood Stabilization Act (H.R. 5818), introduced by Housing Subcommittee Chairwoman Maxine Waters, will establish a $15 billion, HUD-administered loan and grant program for the purchase and rehabilitation of owner-vacated, foreclosed homes. Both H.R. 5830 and H.R. 5818 are scheduled to be marked-up in the House Financial Services Committee this week.